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Cheney Report: CU Tax Efforts Help Other Initiatives

WASHINGTON (5/20/13)--Ongoing efforts by the Credit Union National Association and state credit union leagues to protect the credit union tax exemption can also help raise the profile of other credit union priorities in the U.S. Congress, CUNA President/CEO Bill Cheney said in this week's edition of The Cheney Report.

CUNA and state leagues last week launched a large-scale grassroots effort which seeks to mobilize America's 96 million credit union members and deliver to Congress a direct, united message: "Don't tax my credit union!"

This Wednesday, May 22, at 3 p.m. ET, CUNA is conducting a free webinar on the new campaign. Cheney urged credit union executives to attend. To sign up for the webinar, click here.

The "Don't Tax My Credit Union" campaign is extremely important, Cheney said. At the same time, it "will not detract from our efforts this year to advance proactive charter enhancement legislation for credit unions, such as supplemental capital and an increase in the member business lending cap.

"We can and will move our proactive agenda forward while undertaking this grassroots tax advocacy campaign. In fact, the grassroots effort on taxation will strengthen us on charter enhancement.

"A large, sustained, high-impact grassroots turnout will create a halo effect on credit union issues that illustrates the depth of consumer support for credit unions. Members of Congress are sure to take notice," the CUNA CEO added.

Asking credit unions to contact their members on an advocacy issue is not something CUNA does often, or takes lightly, Cheney wrote. "But we must act now, and our 96 million members will be our best spokespeople, especially on an issue as vital to the movement's future as our tax status."

CUNA has offered a host of resources to aid credit unions in their outreach efforts, including a tax advocacy kit, a new website, www.DontTaxMyCreditUnion.org, and new resources to engage consumers through social media, using the Twitter hash tag #DontTaxMyCU and the Twitter handle @CUNAadvocacy.

This week's Cheney Report also includes:

The results of last week's National Credit Union Administration board meeting, and the nomination of potential new board member Rick Metsger;

Each Friday, The Cheney Report delivers Cheney's insights on three to four key events and policy developments affecting credit unions into the e-mail inboxes of credit union CEOs. The report also provides a valuable window into CUNA's actions on behalf of member credit unions and reinforces the value of CUNA membership.

To sign up for The Cheney Report, click the resource link below and use the "subscribe" tab on the right of the page.